{"id":"F2018L00511","name":"ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/258","slug":"asic-market-integrity-rules-securities-markets-class-waiver-2018-258","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":100016,"registerId":"commonwealth-F2018L00511-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/258","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/258\n\nAbout this compilation\n\nCompilation No. 1\n\nThis is a compilation of ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/258 as in force on 3 November 2020. It includes any commenced amendment affecting the legislative instrument to that date.\n\nThis compilation was prepared by the Australian Securities and Investments Commission.\n\nThe notes at the end of this compilation (the endnotes) include information\n\nabout amending instruments and the amendment history of each amended provision.\n\nContents\n\n[Part 1—Preliminary](#_Toc55472854)\n\n[1 Name of legislative instrument](#_Toc55472855)\n\n[3 Authority](#_Toc55472856)\n\n[4 Interpretation](#_Toc55472857)\n\n[Part 2—Waivers](#_Toc55472858)\n\n[5 Transitional arrangements for Participants of the NSXA Market](#_Toc55472859)\n\n[6 Transitional arrangements for Participants of the SSX Market](#_Toc55472860)\n\n[7 Period during which the relief applies](#_Toc55472861)\n\n[Endnotes](#_Toc55472862)\n\n[Endnote 1—Instrument history](#_Toc55472863)\n\n[Endnote 2—Amendment history](#_Toc55472864)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/258.\n\n3 Authority\n\nThis instrument is made under subrule 1.2.1(1) and Rule 1.2.3 of the ASIC Market Integrity Rules (Securities Markets) 2017 (Rules).\n\n4 Interpretation\n\n(1) In this instrument, Waived Rules means the following Parts of the Rules:\n\n(a) Part 3.8 \\[Best execution obligation\\];\n\n(b) Part 3.9 \\[Policies and procedures\\];\n\n(c) Part 3.10 \\[Disclosure of best execution obligation\\];\n\n(d) Part 3.11 \\[Evidencing execution performance\\];\n\n(e) Part 5.1AA \\[Transactions to be under the operating rules of a Market operator\\];\n\n(f) Part 5.9A \\[Trading Suspensions\\];\n\n(g) Part 6.1 \\[Orders must be Pre-Trade Transparent\\];\n\n(h) Part 6.3 \\[Transactions must be post-trade transparent\\];\n\n(i) Part 7.4 \\[Requirement to record and provide Regulatory Data\\].\n\n(2) In this instrument, unless the contrary intention appears, capitalised terms have the same meaning as in the Rules.\n\n(3) In this instrument, a reference to time is to the time in Sydney, Australia.\n\nPart 2—Waivers\n\n5 Transitional arrangements for Participants of the NSXA Market\n\n(1) A Participant of the NSXA Market, other than an NSXA AOP Participant, does not have to comply with any provision of the Rules in connection with its activities or conduct in relation to the NSXA Market.\n\n    (2) An NSXA AOP Participant does not have to comply with any provision of the Rules in connection with its activities or conduct in relation to the NSXA Market other than, in connection with the use of the Participant’s system for Automated Order Processing on the NSXA Market, a provision of Part 5.5, 5.6 or 5.7 of the Rules.\n\n(3) A Participant of the NSXA Market does not have to comply with any provision of the Waived Rules in connection with its activities or conduct in relation to the NSXA Market.\n\n6 Transitional arrangements for Participants of the SSX Market\n\nA Participant of the SSX Market does not have to comply with any provision of the Waived Rules in connection with its activities or conduct in relation to the SSX Market.\n\n7 Period during which the relief applies\n\n(1) The relief in subsections 5(1) and 5(2) applies until 5 November 2018.\n\n(2) The relief in subsection 5(3) applies from 5 November 2018 until 16 November 2022.\n\n(3) The relief in section 6 applies until 16 November 2022.\n\nEndnotes\n\nEndnote 1—Instrument history\n\n| Instrument number | Date of FRL registration    | Date of commencement | Application, saving or transitional provisions |\n| ----------------- | --------------------------- | -------------------- | ---------------------------------------------- |\n| 2018/258          | 24/4/2018 (see F2018L00511) | 25/4/2018            |                                                |\n| 2020/877          | 2/11/2020 (see F2020L01387) | 3/11/2020            | -                                              |\n\nEndnote 2—Amendment history\n\n> Note: ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted\n\n| Provision affected | How affected |\n| ------------------ | ------------ |\n| Section 2          | rep. s48D LA |\n| Subsection 7(2)    | am. 2020/877 |\n| Subsection 7(3)    | am. 2020/877 |","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: providing transitional relief from specific Market Integrity Rules for two designated emerging securities markets (NSXA and SSX). The 2020 amendment merely extended the expiry dates of the waivers (from 2019/2020 to 2022), which is consistent with the original transitional intent rather than an expansion of scope."},"complexity_factors":["Short instrument: only 7 operative sections plus preliminary provisions","Simple structure: clear Part 1 (definitions) and Part 2 (waivers)","Limited cross-referencing: only references to the parent ASIC Market Integrity Rules (Securities Markets) 2017 for defined terms and the specific Parts being waived","Straightforward conditional logic: temporal limits clearly stated in section 7 with specific dates","Only 9 defined concepts in the 'Waived Rules' definition, plus standard incorporation of parent instrument definitions","No nested exceptions or complex provisos beyond the simple distinction between NSXA Participants and NSXA AOP Participants in section 5"],"plain_english_summary":"This instrument grants temporary waivers from certain market integrity rules for two smaller Australian exchanges (NSXA and SSX), affecting their broker/trading Participants and some automated trading users. The relief eases compliance burdens so these emerging venues can develop, but reduces investor protections (e.g., on transparency and execution standards) compared with the larger ASX. The waivers are time‑limited to allow the exchanges to mature before full rule application."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument's relief periods were amended in 2020. Subsections 7(2) and 7(3) were altered by instrument 2020/877, extending the duration of the waivers so certain relief now runs until 16 November 2022 (see Endnote 2)."},"complexity_factors":["Waiver targets a defined list of Parts of the Rules rather than the whole Rules (see s4(1))","Different treatment for participant sub‑categories: NSXA AOP Participants are excepted from some relief (s5(2))","Staggered time limits and transitional staging for different waivers (s7(1)–(3))","Reliance on capitalised terms and definitions in the underlying Rules (s4(2))","Class waiver format reduces case‑by‑case discretion but requires tracking of multiple expiry dates and amendments (ss5–7 and Endnotes)"],"plain_english_summary":"This instrument provides temporary class waivers that relieve participants of two non‑exchange markets (NSXA and SSX) from complying with a set of specified ASIC Market Integrity Rules. It removes obligations relating to best execution, certain disclosure and transparency duties, trading suspensions and regulatory data recording for defined periods. The waivers shorten near‑term compliance duties for affected market participants and shift decisions about transparency and enforcement outcomes toward market operators and the regulator while the relief is in force."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-258","history":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-258/history","analysis":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-258/analysis","conflicts":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-258/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-258/important-cases","documents":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-258/documents"}}